Namibia’s foreign trade deficit expanded by 68% y/y to NAD9.9bn ($770.5mn) in the second quarter, data from Namibia Statistics Agency showed.
The country’s exports grew 2.3% q/q to NAD13.9bn in Q2, while imports soared 22% y/y to NAD23.8bn.
Compared to Q2 2014, Namibia’s exports plummeted 39% and imports dropped 20%, resulting in a 42% expansion of the trade gap.
Diamonds remained Nabia’s top export commodity in Q2, accounting for 38.4% of total export revenues, followed by fish with a 13.1% share, copper cathodes with 7.5%, and copper ores also with 7.5%.
The main import commodity were mineral fuels and oils, contributing 20% to total imports, followed by vehicles with a 10.8% share.
The Bank of Namibia has hiked its main repo rate by a total of 100bp since June 2014 in a bid to contain a persistently strong growth in instalment credit, used predominantly for purchase of unproductive imported luxury goods, chiefly cars, that put pressure on the country’s international reserves. Imports of vehicles fell 6.4% y/y to ZAR2.57bn in Q2.
Botswana remained Namibia’s main export market in Q2, with a share of 25.3%, followed by South Africa with 19.4%, and Switzerland with 9.2%.
South Africa remained the main importer into the country with a 65.5% share of total imports, followed by China with 8.7%, and India with 2.9%.
|External trade, NAD mn||Q2 2015||Q1 2015||Q2 2014||y/y change||q/q change|
|Total exports (fob)||13 911||13 602||22 730||-38.8%||2.3%|
|Total imports (cif)||23 764||19 464||29 673||-19.9%||22.1%|
|TRADE BALANCE||-9 853||-5 862||-6 943||41.9%||68.1%|
|Source: Namibia Statistics Agency|
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